Sunak extends furlough scheme
Chancellor Rishi Sunak has announced the extension of the furlough scheme until the end of April 2021, with the Government continuing to contribute 80% towards employees’ pay for hours not worked.
The Government will also extend the current COVID-19 business loan schemes until the end of March.
This includes access to the bounceback loan scheme, coronavirus business interruption loan scheme and the coronavirus large business interruption scheme.
Although Sunak initially said he will review the employer contributions to the coronavirus job retention scheme (CJRS), he has brought forward his decision to allow businesses to “plan ahead for the remainder of the winter and the New Year”.
So far, 9.6 million jobs across the UK have been protected by the CJRS scheme with over a million businesses having access to the loan.
The decision comes ahead of the Budget set to take place on 3 March 2021.
Business Secretary Alok Sharma said:
“While our loan schemes have provided a vital lifeline to millions of firms across the country, we know that business owners need additional certainty as we head into the New Year.
“Extending government-backed loan schemes will give companies right across the UK the finance they need to support, protect and create jobs as we build back better from the pandemic.”
Speak to us about the furlough scheme.